By Abhishek Upadhyay
New Delhi, Sep 20 (IANS) Vinesh Phogat won a bronze at the World Championships earlier this month and sealed a spot for herself at the 2020 Tokyo Olympics. It is a far cry from a time when she wondered if she would ever be able to participate at the Olympics ever again.
Vinesh was one of India's biggest hopes going into the 2016 Rio Olympics. But she had to end her campaign in tears in the quarter-finals when a career-threatening knee injury forced her to be stretchered off the mat.
"I never thought that I would recover and reach the Olympics again," Vinesh told IANS. "At the time I was injured I was wondering if I would ever be able to take part in another Olympics or not. This entire year was very difficult for me mentally. I was thinking about whether I did the right thing or not by changing my weight class so close to the Olympics."
Vinesh changed her weight category twice since Rio 2016, where she was participating in the 48-kg category. Since then, she changed to the 50-kg weight category and won gold at the 2018 Asian Games and Commonwealth Games and a silver at the 2018 Asian Championships. In March 2019, she decided to move up to the 53-kg category with an eye on avoiding injuries.
Vinesh said that winning the Olympic quota at the Word Championships was important as it gives her more time to focus on Tokyo 2020.
"I was always thinking that I want to regain the opportunity to win a medal that I lost in Rio no matter what it takes. Even when I would get tired in training I would think about the Olympic medal that I want and motivate myself to keep going. I used the frustration of the last Olympics and when I won the quota it was a big weight off my shoulder. Now I have to work on my unfulfilled dream," she said.
The bronze at the Worlds is Vinesh's sixth honour in her new weight category but she believes that she still has a lot to improve upon. "It's still a new weight category for me so there is still a lot of work left to do. I have won a medal at the World Championships but even then I have to improve upon a lot of mistakes that I committed because you don't get any second chances at the Olympics. If you make a mistake, you are out.
"Here if I had not made any mistakes then I could have won gold or a silver instead of bronze. So I don't want to make them again at the Olympics and hence, winning the quota was very important," she said.
"I made a lot of technical mistakes which come with competing in a new weight category. I have to work on my strengths and be a little smarter with my game."
Vinesh knows that she will be going into the Olympics with expectations riding on her but she is not letting them bog her down. "I am very positive. Olympics is a big name and any athlete will feel the pressure. But people will have expectations from you only if they believe in you. I take this belief as a blessing," she said.
She has returned home as a World Championship medallist and the first Indian female wrestler to qualify for two Olympics but Vinesh has maintained a low profile. "I have silently returned home. I want to rest for a few days. A lot of people have congratulated me through messages and I am replying to them. But I don't want to meet anyone right now. I am not keeping well too so I just want to rest for some time. The last one year has been a very tiring one. Now that I am through with it I want to take some time out. I'll make a new start after this and this time it will solely be for an Olympic medal," she said.
New Delhi, Oct 19 (IANS) Asset stripping is something that Indian promoters have perfected into an art form. For years, the Singh Bros - Malvinder Mohan Singh (MMS) and Shivinder Mohan Singh (SMS) have got away with the proverbial blue murder and finally their luck ran out with their recent arrest. The width and depth of the architecture of their fraud is gargantuan. The FIR against the duo along with erstwhile CEO Sunil Godhwani provides details of the modus operandi of the systematic asset stripping. Moreover, it once again throws into stark relief the fact that regulatory oversight failed and the company which saw an inspection as far back as 2010 managed to operate under the radar, continuing with innumerable irregularities without any fear.
Internal inquiries showed that the poor financial condition of Religare Finvest was, to a large extent, on account of wilful defaults of significant unsecured loans, defined for internal purposes as the Corporate Law Book by borrower entities, either related, controlled or associated with the promoters, all of whom had been provided the loans by Religare Finvest on a non arm's length basis, in violation of corporate governance norms and in contravention of policies and prudential behaviour expected of a NBFC registered with the RBI.
Red flags emerged but were disregarded as always. The construct of the scam is listed out in minutiae. In its inspection report of January 6, 2012 for the financial year ending March 2010, the RBI observed that Religare Finvest had a practice of parking a major chunk of surplus funds with fellow subsidiary/group companies/ other companies which were often used for taking positions in securities. This effectively means that punting or speculation was done with these surplus funds in contravention of all corporate governance norms.
The RBI, in its inspection report, further observed that appraisal, sanction, purpose of loans, disbursal report, periodic review, application from the borrowers requesting for limit enhancement, appraisal/rationale for limit enhancement and monitoring of such loans was not available on record.
It appears that over a period of 10 years, 115 entities were funded through this mechanism of the Corporate Loan Book with the total amount of Rs 47,968 crore. The exposure under the CLB peaked at approximately Rs 3,538 crore on March 20, 2012. To dodge the RBI bullet which had highlighted this as a risk area, the exposure around the time of the quarterly review reporting was managed but the disbursements were mischievously re-instated soon after. By doing this, they concealed material facts from RBI and public shareholders.
This way, Singh Brothers, in conspiracy with Sunil Godhwani, being in control of Religare Finvest, caused it to give unsecured, high value purported loans to shell companies and related entities of MMS and SMS. The quantum of these loans at the time of filing the FIR stands at Rs 2,397 crore as principal and Rs 415 crore as interest.
It is evident from the conduct of these entities that they never intended to repay these loans to RFL and defaulted on their obligations simultaneously with MMS and SMS's exit from Religare Enterprises. Clearly the CLB was used as a mechanism to fund promoter related companies. The funds were never paid back and actually whenever any payment was due in these loans, either the loans were renewed for further tenure or were replaced by loans to some other group companies to repay the loan of existing promoter group company - a circular movement of funds.
N.K. Ghoshal, a longtime stockbroker of the two brothers, was the principal, who through 19 of his companies - which have all defaulted since, moved all the money around.